Bitcoin has fallen below the lowest band of the popular Bitcoin Rainbow Chart for the second time in its history, a valuation model that has tracked the long-term price cycles of $BTC for more than a decade. Some of bitcoin’s most ardent followers believe the chart is signaling a key buying opportunity. CryptoRover made comparisons on X on Wednesday with the last time it was in this part of the rainbow in 2022, at $15,000 before a cyclical bottom. Bitcoin is trading near $62,500, down about 50% from its October 2025 all-time high of $126,000. The drop has brought $BTC below the floor of the modern nine-band Rainbow chart and into the purple zone of the original model, called "Bitcoin is dead," a level that has historically pointed to extreme pessimism rather than a prediction about bitcoin’s future.